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. Last Updated: 07/27/2016

Metro Plans New Stores Across the Country

ST.PETERSBURG -- Germany's biggest retailer, Metro, forecast sales growth of about 62 percent in Russia this year as it unveiled plans to open new stores and bring some of its subsidiaries to the country.

Metro expects 2006 sales in Russia of 2.4 billion euros ($3.1 billion), CEO Hans-Joachim Korber told a news conference Thursday. Sales in 2005 were 1.48 billion euros.

He added that Metro wanted to invest 350 million euros ($450 million) in Russia this year, taking the total investment in the country to 1 billion euros since its market entry there.

To combat sluggish growth in Germany, where Metro makes about half of its sales, the company has expanded vigorously into Eastern Europe and Asia in the past few years.

As a result, Metro has been able to increase earnings and sales, while other German retailers, such as KarstadtQuelle, which garners most of its sales at home, have seen revenue fall and losses climb in recent years.

In 2006, Metro plans to add eight Cash & Carry wholesale stores in Russia and five Real hypermarkets, including in Novosibirsk and Omsk. At the end of 2005, Metro already had 22 Cash & Carry wholesale markets in the country and three Real hypermarkets.